Problem 9-05A a1-c (Video)

At December 31, 2020, Metlock, Inc. reported the following as plant assets.

Land				$ 3,560,000
Buildings		$29,120,000
Less: Accumulated depreciationbuildings		13,240,000		15,880,000
Equipment		47,320,000
Less: Accumulated depreciationequipment		4,650,000		42,670,000
Total plant assets				$62,110,000

During 2021, the following selected cash transactions occurred.

April 1		Purchased land for $2,190,000.
May 1		Sold equipment that cost $1,080,000 when purchased on January 1, 2017. The equipment was sold for $648,000.
June 1		Sold land purchased on June 1, 2011 for $1,510,000. The land cost $395,000.
July 1		Purchased equipment for $2,480,000.
Dec. 31		Retired equipment that cost $473,000 when purchased on December 31, 2011. The company received no proceeds related to salvage.

Record adjusting entries for depreciation for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 1May 1June 1July 1Dec. 31
	(To record building depreciation)
Apr. 1May 1June 1July 1Dec. 31
	(To record equipment depreciation)

SHOW LIST OF ACCOUNTS
LINK TO TEXT LINK TO TEXT LINK TO TEXT

Prepare the plant assets section of Metlocks balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.)

Metlock, Inc. Balance Sheet (Partial) For the Month Ended December 31, 2021December 31, 2021For the Year Ended December 31, 2021
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesPlant AssetsStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Plant AssetsTotal Stockholders' Equity
					$
			$
Add Less :
Add Less :
Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Plant Assets Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Plant Assets Total Stockholders' Equity					$

SHOW LIST OF ACCOUNTS
LINK TO TEXT LINK TO TEXT LINK TO TEXT

Question Attempts: 0 of 1 used

SAVE FOR LATER

SUBMIT ANSWER